DEE HOUSE & MENAI HOUSE

Transcription

1 DEE HOUSE & MENAI HOUSE LAKESIDE BUSINESS VILLAGE ST DAVID S PARK, EWLOE, CH5 3XF MODERN WELL LET OFFICE INVESTMENT IN TWO BUILDINGS FOR SALE

2 TWO MODERN LINKED OFFICE BUILDINGS SITUATED ON A STRATEGIC BUSINESS PARK

3 DEE HOUSE & MENAI HOUSE LAKESIDE BUSINESS VILLAGE ST DAVID S PARK, EWLOE, CH5 3XJ INVESTMENT SUMMARY Situated on strategic Business Park Major regional company established over 30 years Two linked buildings providing sq m (16,517 sq ft) with 80 car parking spaces and additional spaces on lease Overall rental - 182,500 pax Seeking offers in the region of 2,175,000 (two million one hundred and seventy five thousand pounds) plus VAT The purchase at this level reflects a net initial yield of 7.86% assuming purchasers costs of 6.43% and a realistic capital value of 131 per sq ft MAJOR REGIONAL COMPANY ESTABLISHED OVER 30 YEARS

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5 A494 A548 A553 Moreton Heswall Flint A5119 B5126 Wallasey 2 1 A540 3 Deeside Birkenhead 4 M53 A41 DEE HOUSE & MENAI HOUSE A55 A494 5 A5117 A55 A LIVERPOOL River Mersey Ellesmere Port 9 A41 CHESTER A562 Speke Liverpool John Lennon Airport A51 A41 A Widnes A557 M56 A54 B M62 A557 8 A533 A556 A49 A56 11 B5441 A533 A49 A494 Aston Road 9 A51 LOCATION Lakeside Business Village is prominently located on the well-established St David s Park at Ewloe which extends to approximately 140 acres. St David s Park is strategically located within the region being adjacent to a roundabout intersection of the A55 and A494 dual carriageways and provides swift and easy access to the regional motorway network (M53 and M56) beyond and Chester which is approximately seven miles to the east. The Park has been developed from the mid 1980 s, and is now a major business location including the St David s Park Hotel (Village Hotel Club) together with a number of major office occupiers who include the Redrow Group, Moneysupermarket. com and HSBC. In more recent times, new office developments have taken place to provide premises for Wales & West Housing Association and Anwyl, a regional construction company. Lakeside Business Village comprises an attractive scheme of individual buildings and which include occupiers such as First Hydro, Cambrian Associates, Corning and the Eden Luxury Collection. In addition there is a smaller adjacent scheme, Evolution, which also has a range of local and regional company occupiers. B5125 Stamford A55 North Wales Expressway A494 Way Wepre Woods B5125 Holywell RoadB5125 The Hwy B5127 Old Mold Road A55 Saint Davids Park Wood Lane Old Aston Hill A494 Aston Hill DEE HOUSE & MENAI HOUSE A550 Gladstone Way Ash Lane Mancot Lane Hawarden Way WELL ESTABLISHED ST DAVID S PARK AT EWLOE Alltami Road Pinfold Lane B5127 Liverpool Road A55 North Wales Expressway Hawarden Golf Club A550 Alltami Road B5128

6 DESCRIPTION The premises comprise two modern detached office buildings, which have been linked via a recently built link, which also provides reception services. Both buildings are of traditional construction and provide good quality modern office accommodation over two floors in each building, which is largely open plan, but incorporate high quality glazed partitioning to both. Each building has fully independent male and female wc facilities together with appropriate kitchen/break out areas. The specification is to a good standard, having been continually refurbished in recent years and incorporates suspended ceilings, Category II lighting, air conditioning and good quality carpeting and decoration. There is a lift in Menai House. More recently, an attractive single storey link/reception area has been created between both buildings. Each of the properties has designated parking areas with landscaped borders, providing parking for Dee House of 40 vehicles and Menai House a similar 40 vehicles. In addition a further car parking area is utilised by the tenants accommodating a further 29 spaces. THE PREMISES COMPRISE TWO MODERN OFFICE BUILDINGS

7 Playing Gantry Y LANE Mast (Telecommunication) Lakeside Business Village P DEE HOUSE MENAI HOUSE 1 Lakeside Business Village Evolution House Seasons House El Sub Sta 5 Elwy House Bala House Aled House

8 PROVIDING GOOD QUALITY OFFICE ACCOMMODATION OVER TWO FLOORS

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10 ACCOMMODATION The property has been measured in accordance with the RICS Code of Measuring Practice (Sixth Edition) providing as follows: Dee House Sq m Sq Ft Ground Floor ,182 First Floor ,182 Sq m Sq Ft Extension/Reception link Menai House Sq m Sq Ft Ground Floor ,951 First Floor ,951 1,534.8 SQ M 16,522 SQ FT OF HIGH QUALITY OFFICES

11 FLOOR PLANS DEE HOUSE GROUND FLOOR FIRST FLOOR

12 FLOOR PLANS MENAI HOUSE GROUND FLOOR FIRST FLOOR

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15 RATING From enquiries made with the VOA the properties have the following assessments: Dee House (merged assessment) RV (2010) 126,000 Dee House (part first floor) RV (2010) 26,250 The premises are held on occupational leases, the brief details of which are as follows: Dee House Let by renewal lease by reference to a former lease, for a term of 10 years from 7 August 2016, on standard tenants full repairing and insuring terms. There is a tenants option to break at the end of the fifth year upon giving not less than six months notice. The rental is 75,000 per annum plus VAT and paid monthly in advance. Part of the first floor has been sub-let to VLS (Virtual Lease Services) on the basis of a 10 year lease from 7 August 2016 at a rental of 28,475 pax plus VAT comprising sq m (2131 sq ft). this is contracted out of the 1954 Act. Menai House Let by renewal lease by reference to a former lease, for a term of 10 years from 7 August 2016, on standard tenants full repairing and insuring terms. There is a tenants option to break at the end of the fifth year upon giving not less than six months notice. The rental is 102,500 per annum plus VAT and paid monthly in advance. In addition there is a further car parking area as referred to previously, held on a similar basis as above, at an additional rental of 5,000 per annum plus VAT paid monthly in advance. Total rental 182,500 per annum plus VAT.

16 TENANT INFORMATION LDF Operations Limited are an established company of 30 years and a significant national independent provider of finance to SME s, being award winners in this sector. The group provides un-secured finance to the corporate, professional and healthcare sectors and have been based in Ewloe for in excess of 15 years. The company was acquired by Investec Asset Finance Plc, a FTSE 250 global bank, and was subsequently acquired in 2013 by CS Capital LP. Further information on the company can be found at The company currently have a D & B rating of 2A1 with a minimum risk of business failure. The company for the year ending 31 December 2015 had a turnover of 6,747,000 (pre-tax profits of 1,199,000 and a net worth of 6,763,000. AN ESTABLISHED COMPANY OF OVER 30 YEARS

17 TENURE The premises are owned long leasehold. Dee House is on a 999 year lease from 18 November 1999 on a peppercorn and Menai House (including additional parking) on a 199 year lease from 25 March 1997 also on a peppercorn basis. SERVICE CHARGE There is a general estate service charge for both buildings, further details available from the agents. EPC VAT Election to waive exemption for VAT has been made and therefore VAT will be charged on the purchase price. It is anticipated that the sale will be treated as a Transfer of a Going Concern. PROPOSAL We are instructed by our clients to seek offers in the region of 2,175,000 (two million one hundred and seventy five thousand pounds) which reflects a net initial yield of 7.86% net of purchasers costs at 6.74%. Dee House Rating C (52) (Ref: ) Menai House Rating C (53) (Ref: ) A copy of the EPC can be provided to interested parties via the agents. CONTACT Strictly by appointment through the sole agents, Justin Rice-Jones P E justin.rice-jones@bacommercial.com rcial.com Tel: (01244) Misrepresentation Act Unfair Contract Terms Act 1977 The Property Misdescriptions Act These particulars are issued without any responsibility on the part of the agent and are not to be construed as containing any representation or fact upon which any person is entitled to rely. Neither the agent nor any person in their employ has any authority to make or give any representation or warranty whatsoever in relation to the property. May RB&Co